Boston Partners Has $16.94 Million Stake in Scorpio Tankers Inc. (STNG)
Boston Partners decreased its position in Scorpio Tankers Inc. (NASDAQ:STNG) by 10.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,265,888 shares of the shipping company’s stock after selling 516,220 shares during the period. Boston Partners’ holdings in Scorpio Tankers were worth $16,936,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of Scorpio Tankers by 191.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,016,668 shares of the shipping company’s stock worth $4,514,000 after buying an additional 667,860 shares during the period. American International Group Inc. raised its position in shares of Scorpio Tankers by 7.1% in the first quarter. American International Group Inc. now owns 100,667 shares of the shipping company’s stock worth $447,000 after buying an additional 6,647 shares during the period. Impala Asset Management LLC acquired a new position in shares of Scorpio Tankers during the first quarter worth about $14,042,000. Norges Bank acquired a new position in shares of Scorpio Tankers during the fourth quarter worth about $2,881,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Scorpio Tankers during the first quarter worth about $1,240,000.
Shares of Scorpio Tankers Inc. (NASDAQ:STNG) opened at 3.39 on Wednesday. The firm’s market cap is $551.59 million. The stock has a 50 day moving average price of $3.73 and a 200 day moving average price of $3.97. Scorpio Tankers Inc. has a one year low of $3.32 and a one year high of $5.53.
STNG has been the subject of a number of analyst reports. Credit Suisse Group set a $7.00 price target on Scorpio Tankers and gave the stock a “buy” rating in a research report on Wednesday, May 24th. Jefferies Group LLC restated a “buy” rating and issued a $5.50 price objective (down previously from $6.00) on shares of Scorpio Tankers in a report on Saturday, July 22nd. BidaskClub upgraded Scorpio Tankers from a “strong sell” rating to a “sell” rating in a report on Thursday, August 3rd. Stifel Nicolaus restated a “buy” rating and issued a $8.00 price objective on shares of Scorpio Tankers in a report on Thursday, May 25th. Finally, Bank of America Corporation upgraded Scorpio Tankers from an “underperform” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Friday, May 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Scorpio Tankers presently has a consensus rating of “Buy” and a consensus target price of $6.44.
Scorpio Tankers Company Profile
Scorpio Tankers Inc (Scorpio Tankers) is engaged in the seaborne transportation of refined petroleum products in the international shipping markets. The Company operates through four segments: Handymax, MR, LR1/Panamax and LR2. As of March 15, 2017, the Company’s fleet consisted of 78 owned tankers (22 LR2, 14 Handymax and 42 MR) with a weighted average age of approximately 2.3 years, and 19 time or bareboat chartered-in tankers, which it operated (one LR2, one LR1, eight MR and nine Handymax) (collectively referred to as its Operating Fleet).
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